Call to action over flimsy justifications for home repossessions by banks

The Weekend View

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9d ago 22:05

MP3•Episode home

Banks in South Africa have been criticised for using aggressive tactics to address home loan arrears. Some of these tactics include initiating legal action for repossession even when homeowners are actively reducing their arrears, imposing excessive legal costs that quickly surpass the actual debt and failing to engage meaningfully with customers before resorting to court action. This week a High Court judge slammed Standard Bank for its 'disproportionate' attempt to foreclose on the home of union leader Zwelinzima Vavi, even as he was consistently paying off the arrears on his home loan. This is not a unique case to Vavi and more and more South Africans find them themselves in this situation. In an attempt to get justice , hundreds of homebuyers are taking the banks to court for repossessing their homes and selling them for a fraction of their worth. According to Advocate Douglas Shaw, who is spearheading the case, the courts will soon hear the class action suit against the banks for repossessing homes and selling them off for a fraction of their worth.

To discuss how the repossession crisis in South Africa came about and the systemic injustices surrounding bank repossessions in South Africa Bongiwe Zwane spoke to Advocate Douglas Shaw and President of the Lungelo Lethu Human Rights Foundation , Nkululeko Xhelithole who are leading the R60 billion class action against the major banks in South Africa

People who need help or if their homes have already been sold can send an email to [email protected] or [email protected]

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